Getting to grips with your finances is never easy. There are so many ways to organize your money now. It can be hard to know which method to choose. Knowing that your money is in a safe place can come as a great relief, but that’s not all your need to worry about. You need to consider, too, how you would like to spend that money. It’s not as easy as just handing the cash over anymorel. Now you have options. Get to grips with them and spend your money in the best way for you!
CREDIT AND DEBIT CARDS
The most common way of spending money today is to use a credit or debit card. These are quick, easy to use and convenient. With debit cards, you have access to the money in your account, and an overdraft fund if you’ve agreed on one. Debit cards are useful for avoiding debts and ensuring you’re not overspending. They’re also increasingly easy to use. Many debit cards have a contactless feature in them. The feature allows you to pay just by holding your card against a machine. This works on all small purchases. The only downside is that your card is easy for other people to use too. Getting hold of your card will allow other people to shop online and use the contactless feature. If you they manage to get hold of your pin, they could empty your account. Credit cards work differently. You spend money on a credit card and pay the bill at the end of each month. These can be great if you’re good at budgeting and know you won’t overspend. Use of credit cards also builds your credit rating. Overspending could lead to hefty fines, though. Don’t get careless and end in debt!
Checks are a more traditional way of spending. We all receive a check book when we open a bank account. Using checks still involves spending the money from your account. Instead of using a card, you fill out a check and pay that way. The benefit is that you don’t have to carry cash, and you don’t have to worry about covering your pin either. The downside is that many retailers no longer accept checks. Look for a website which can tell you the shops you can use. There’s also the downside of cashing fees when you use checks. You have to pay a small amount to cash the check in the first place.
Don’t forget about the money itself. If you’re feeling overwhelmed by the options, paying by cash might be the best thing. Many don’t like dealing in cash because they feel vulnerable carrying money with them. This is understandable, but there are upsides to cash payments. Cash is easy to deal in and quick to use. Having your money in front of you is always a great way to avoid overspending. You can’t spend what you don’t have! If you have trouble budgeting, this is a fantastic option.